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Keyword: oil

Brevity: Headers | « Text »
  • Keystone XL pipeline will not be completed this year, U.S. agencies told

    04/19/2014 1:04:46 AM PDT · by canuck_conservative · 22 replies
    National Post [Canada] ^ | April 18, 2014 | Alexander Panetta
    ...The announcement made it clear that Canadian pipeline backers will not get the answer they wanted in time for the summer construction season, pushing completion of the project until 2015 — at best. The State Department said it needs more time to prepare its recommendation to the president because the pipeline route is mired in uncertainty. A legal dispute is underway in Nebraska over the route and it is unlikely to be resolved before next year.... Speculation had been rampant about whether the Obama administration might try to punt the politically sensitive decision until after this year’s midterms. That’s because...
  • Is This Oil Field the Next Bakken?

    04/17/2014 2:57:59 PM PDT · by ckilmer · 61 replies
    fool.com ^ | April 17, 2014 | Robert Baillieul
    Is This Oil Field the Next Bakken? By Robert Baillieul - April 17, 2014 Over the past few years a handful of energy companies have been silently buying massive tracts of land in a little known area of Louisiana. Early estimates suggest that this oil rich region could contain 7 billion barrels of recoverable oil… putting it on par with other prolific shale fields like the North Dakota Bakken and the Texas Eagle Ford. And their bets are starting to pay off. Many of the area’s big oil producers have reported spectacular numbers from their drilling operations. And this could...
  • Jimmy Carter wants Obama to reject Keystone XL

    04/17/2014 10:33:41 AM PDT · by aimhigh · 41 replies
    United Liberty ^ | 04/17/2014 | Jason Pye
    The man who oversaw an energy crisis has come out strongly against the Keystone XL pipeline. In a letter with other Nobel laureates, former President Jimmy Carter urged President Barack Obama and Secretary of State John Kerry to reject the pipeline, claiming that allowing the project to move forward would worsen climate change.
  • BAKKEN 'OCEAN' OF OIL - FED TAKEOVER? (personal opinion of poster)

    04/17/2014 8:44:54 AM PDT · by Hostage · 120 replies
    Vanity | April 17, 2014 | By Hostage
    This report is exclusive to freerepublic.com and is intended only to pass observed on-the-ground information to readers. It is not carried on any major news outlet and it won't be in our opinion. You can file this report as conspiracy if needed but it is more suitably filed as accumulation of unexplained Fed action for future analysis. I do ask relevant and pertinent questions throughout the question that Freepers can help answer. One question for which I have affirmative answers is can the federal government move in on oil and gas drillers and takeover at any time declaring any oil...
  • Feds say Eagle Ford and Bakken could lead to end of U.S. oil imports [by 2037]

    04/17/2014 8:32:55 AM PDT · by topher · 20 replies
    San Antonio Business Journal [via Texas Independent Producers and Royalty Org] ^ | Apr 10, 2014, 6:00am CDT | Sanford Nowlin -Reporter- San Antonio Business Journal
    Net oil imports to the United States could plummet to zero by 2037 because of booming production in South Texas’ Eagle Ford Shale and North Dakota’s Bakken Shale, a branch of the Energy Department projected in a new report.
  • Putin says oil wars with Russia will make West bleed

    04/17/2014 7:34:50 AM PDT · by kronos77 · 20 replies
    Opportunities for the West to hurt the Russian economy are limited, President Vladimir Putin said Thursday. Europe cannot stop buying Russian gas without inflicting pain on itself, and if the US tries to lower oil prices, the dollar will suffer. If the West tries to damage Russia’s influence in the world energy market, efforts will likely backfire, the Russian President said during his twelfth annual televised question and answer session. To really influence the world oil market a country would need to increase production and cut prices, which currently only Saudi Arabia could afford, Putin said. The president added he...
  • Bonanza on the Eagle Ford Shale, A new energy revolution is unfolding in South Texas

    04/17/2014 6:10:34 AM PDT · by thackney · 13 replies
    Washington Times ^ | April 15, 2014 | William C. Triplett II
    Truck drivers: All over the interior United States, trucking companies are begging for drivers. The reason? They’ve all gone to Texas. There are $5,000-signup-bonus billboards along the Texas interstates and haulers have “now hiring” posted permanently... Drillers: A tough, sometimes dirty job, mostly performed by young men who can handle physical labor, but they get well paid for it — up to $1,600 a week. Women on the job site: A woman driving a one-ton Ford hauling a trailer passed by coming out of the oil fields in Karnes City, Texas. Women are on the site, usually driving trucks, but...
  • Electricity Price Surged to All-Time Record for March

    04/16/2014 7:00:11 PM PDT · by george76 · 22 replies
    CNSNews ^ | April 16, 2014 | Terence P. Jeffrey
    The average price for a kilowatthour (KWH) of electricity hit a March record of 13.5 cents, according data released yesterday by the Bureau of Labor Statistics. That was up about 5.5 percent from 12.8 cents per KWH in March 2013. ... The BLS’s seasonally adjusted electricity price index rose to 209.341 this March, the highest it has ever been, up 10.537 points—or 5.3 percent--from 198.804 in March 2013. ... per capita electricity production peaked in the United States in 2007.
  • Jimmy Carter Stands Up In Opposition To Keystone XL Pipeline

    04/16/2014 5:21:20 PM PDT · by Up Yours Marxists · 57 replies
    PoliticusUSA ^ | Keith Brekhus
    Former U.S. President Jimmy Carter joined nine other Nobel Peace Laureates in sending a strongly worded letter to President Obama and Secretary of State John Kerry, urging them not to approve construction of the Keystone XL Pipeline. The letter opened as follows: "You stand on the brink of making a choice that will define your legacy on one of the greatest challenges humanity has ever faced – climate change. As you deliberate the Keystone XL tar sands pipeline, you are poised to make a decision that will signal either a dangerous commitment to the status quo, or bold leadership that...
  • Eleven Democrats Push Obama to Approve Keystone

    04/16/2014 7:30:07 AM PDT · by thackney · 12 replies
    Wall Street Journal ^ | Apr 10, 2014 | AMY HARDER
    Nearly a dozen Senate Democrats, including five up for re-election this year, are pressing President Barack Obama to approve the Keystone XL pipeline, and they say they want a decision by the end of next month. Most Republicans support the pipeline, but the 11 Democrats who wrote a letter to Mr. Obama urging him to approve the project deliberately made it a one party-effort. While a set of bipartisan signatures can be a powerful thing in the art of Washington letter-writing, these lawmakers clearly want to accentuate the pressure Mr. Obama faces from his own party on this issue. “It’s...
  • Engaged Oil, Gas Employees is the Key to Retaining Talent

    04/15/2014 1:35:15 PM PDT · by thackney · 5 replies
    Rig Zone ^ | April 15, 2014 | Robin Dupre|
    Employees in the industry need to be motivated, challenged and awarded to be highly engaged in an industry that is witnessing recruiting and retaining challenges, a panelist discusses. - - - - - As the war for talent rages on in the oil and gas sector, employee engagement is a serious concern on the corporate agenda of every major company, remarked a panelist discussing employee engagement at a Health, Safety and Environment conference hosted by SPE International in Long Beach, California. Employee engagement or an engaged employee is defined as one who is fully absorbed by and enthusiastic about their...
  • Musings: The Oil Industry's Era of Austerity - Part Two

    04/15/2014 1:21:10 PM PDT · by thackney · 4 replies
    PPHB via Rig Zone ^ | April 15, 2014 | G. Allen Brooks
    This opinion piece presents the opinions of the author. It does not necessarily reflect the views of Rigzone. As the major oil companies struggle with how best to boost their profitability in an era of rising oilfield costs, business models are being adjusted. The changes are a reflection of managements’ attempts to change the culture of their organizations. The most popular theme is to split a company’s business into separate units with different investment and operational characterizations. For example, a popular way to split an integrated oil company is to put the most capital-intensive businesses – refining, petrochemicals, transportation and...
  • Landrieu Reenacts Committee Hearing for Campaign Ad (Phony Hearing for a Phony Candidate)

    04/15/2014 8:40:09 AM PDT · by nhwingut · 4 replies
    The Weekly Standard ^ | 04/15/14 | Michael Warren
    Democratic senator Mary Landrieu of Louisiana is in a tough reelection battle because of her support for Obamacare. So its not surprising her latest TV ad focuses on the one high-profile fight she's had with the Obama administration, over oil and gas exploration. The 60-second spot features people watching Landrieu arguing for expanding energy exploration in Louisiana and criticizing Barack Obama for its restrictionist policies. Watch the video below: Most of the clips the ad features are from her appearances on local and cable TV news. But watch the clips of Landrieu around the video's halfway point. They feature the...
  • Was Stopping Nevada’s Fracking Rush Behind the Bundy Showdown?

    04/14/2014 8:36:46 PM PDT · by 2ndDivisionVet · 12 replies
    Somewhat Reasonable blog ^ | April 14, 2014 | Marita Noon
    The story of rancher Cliven Bundy has captured an abundance of media attention and attracted supporters from across the West, who relate to the struggle against the federal management of lands. Bundy’s sister, Susan, was asked: “Who’s behind the uproar?” She blamed the Sierra Club, then Senator Harry Reid (D-NV), and then President Obama. She concluded her comments with: “It’s all about control”—a sentiment that is frequently expressed regarding actions taken in response to some endangered-species claim. An Associated Press report describes Bundy’s battle this way: “The current showdown pits rancher Cliven Bundy’s claims of ancestral rights to graze his...
  • MARKET WATCH: NYMEX oil price jumps on EIA’s reduced oil production forecast

    04/14/2014 11:00:48 AM PDT · by thackney · 9 replies
    Oil & Gas Journal ^ | 04/09/2014 | Paula Dittrick
    The benchmark US crude oil futures price jumped more than $2/bbl on Apr. 8 after the US Energy Information Administration released a report saying government analysts reduced their earlier oil production forecast for this year and next. EIA estimates the US will produce 8.37 million b/d during 2014, down from an earlier forecast of 8.39 million b/d. During 2013, US oil production was 7.44 million b/d. For 2015, EIA revised its production forecast to 9.13 million b/d, down from an earlier forecast of 9.16 million b/d. US total oil consumption for 2014 was forecast at an average 18.9 million b/d,...
  • Dark side of ND's oil boom: Meth, heroin, cartels _ all part of growing drug trade

    04/14/2014 9:57:30 AM PDT · by TurboZamboni · 30 replies
    Star Tribune ^ | 4-14-14 | Administration Propaganda
    WILLISTON, N.D. — The blood-drenched man had survived a brutal attack: Beaten with brass knuckles, shocked with a stun gun, slashed with a razor blade, then dumped 40 miles away in Montana, he staggered to a farmhouse for help. His path eventually led authorities back to a quiet backyard in this oil boom town. What they uncovered was a large-scale methamphetamine ring that had found a home in a state long known for its small-town solitude, its slow pace and peaceful pastures. The members of this violent gang were all relative newcomers to Williston. They called themselves "The Family," the...
  • Oil and gas salaries average $130,000: Survey

    04/14/2014 9:41:30 AM PDT · by thackney · 9 replies
    Calgary Herald ^ | APRIL 9, 2014 | DAN HEALING
    Hays finds most employers expect to pay more, hire more in 2014 Canadian oil and gas worker salaries jumped six per cent to an average of $130,000 US in 2013 and the trend is expected to continue, according to a survey released Wednesday. Furthermore, despite ongoing worries about oil transportation bottlenecks, nearly three-quarters of employers who took part in the survey by global recruiting firm Hays Oil & Gas say they expect their companies will hire more people in 2014. “This past year, the industry has taken a pause,” said John Faraguna, global managing director of oil and gas for...
  • California to see surge in oil brought in by rail

    04/14/2014 7:56:20 AM PDT · by thackney · 13 replies
    Fuel Fix ^ | April 14, 2014 | Associated Press
    California is preparing for an oil boom — brought in on rail cars. There are no pipelines that bring crude oil into California. For decades, the fuel that powers the state’s 32 million vehicles has come from tanker ships or in-state production. But government regulators predict a surge in U.S. oil production will means a steep increase in the number of trains carrying it to California refineries. The Ventura County Star reported Sunday that the increase in rail traffic will happen quickly, jumping from 9,000 carloads in 2011 to more than 200,000 carloads by 2016, according to California Energy Commission...
  • NuStar opens new Corpus Christi dock for Eagle Ford crude (photos)

    04/14/2014 5:14:18 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | April 11, 2014 | Jennifer Hiller
    San Antonio-based NuStar Energy LP this week celebrated the opening of its new dock at the Port of Corpus Christi, built to move crude oil from the Eagle Ford Shale. NuStar now has three loading docks in the Port of Corpus Christi and has upgraded and added to the terminal’s pump systems. Its North Beach Terminal has a capacity of 400,000 barrels per day. The new dock was scheduled to be complete in the second quarter but finished early. NuStar moved its first load of crude from the new dock in mid-February. It held a ceremony Thursday with executives, employees...
  • Russian oil firm says Asian buyers willing to use euros

    04/11/2014 12:39:28 AM PDT · by wetphoenix · 3 replies
    Reuters via Yahoo! ^ | Vladimir Soldatkin and Florence Tan
    MOSCOW/SINGAPORE (Reuters) - Russian state-controlled oil producer Gazprom Neft said it had received positive responses from Asian clients about the possibility of using euros as a settlement currency instead of the dollar. Company head Alexander Dyukov said this week Gazprom Neft had broached the idea of dropping the dollar, traditionally the currency of choice for the global energy sector, in response to a possible new round of Western sanctions over Russia's annexation of Crimea. He said the company had discussed with buyers the possibility of switching contracts to euros and that 95 percent had said they were ready to do...
  • Rep. Petri (R-WI) Voted Twice in Favor of “Obama’s War on Coal”

    04/09/2014 9:16:30 AM PDT · by george76 · 7 replies
    media trackers ^ | April 07, 2014 | Brian Sikma
    The Wisconsin congressional district represented by Rep. Tom Petri (R) stands to lose nearly 2,000 jobs because of the Obama Administration’s “War on Coal,” but Petri has twice voted to let some of those more controversial – and burdensome – regulations stand. A nationwide analysis by the Heritage Foundation concludes that Wisconsin will lose an estimated 11,702 jobs thanks to Obama environmental regulations. The sixth district alone will lose more jobs than any other congressional district in the country the study concludes. ... Petri was the only Republican from Wisconsin to vote against suspending the rule. Voting with Petri was...
  • Crude oil reserves at start of 2013 reach highest level since 1976

    04/10/2014 8:03:19 AM PDT · by thackney · 7 replies
    Energy Information Administration ^ | APRIL 10, 2014 Crude o | Energy Information Administration
    U.S. crude oil proved reserves rose for the fourth consecutive year in 2012, increasing by 15% to 33 billion barrels, according to the U.S. Crude Oil and Natural Gas Proved Reserves (2012) report released April 10 by the U.S. Energy Information Administration. U.S. crude oil and lease condensate proved reserves were the highest since 1976, and the 2012 increase of 4.5 billion barrels was the largest annual increase since 1970, when 10 billion barrels of Alaskan crude oil were added to U.S. proved reserves. Contributing factors to higher crude oil reserves include increased exploration for liquid hydrocarbons, improved technology for...
  • Houston fills with crude oil that can’t be shipped out

    04/10/2014 5:59:57 AM PDT · by thackney · 43 replies
    Bloomberg News via Fuel Fix ^ | April 10, 2014 | Naomi Christie and Dan Murtaugh
    Bloomberg article so link only My notes and highlights below
  • Feds fine oil company for failing to report production

    04/09/2014 8:38:06 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | April 9, 2014 | Associated Press
    The federal government is fining an Artesia oil man more than $700,000 for failing to submit reports on production on its federal leases in New Mexico. The Department of the Interior’s Office of Natural Resources Revenue said Tuesday it has assessed Louis Fulton, doing business as C.F.M. Oil Company, a $717,136 civil penalty.
  • Vast oil trove trapped in Monterey Shale formation

    04/08/2014 9:51:16 AM PDT · by Kennard · 50 replies
    Los AngelesTimes ^ | April 6, 2014 | Julie Cart
    SHAFTER, Calif. — A bustling city is sprouting on five acres here, carved out of a vast almond grove. Tanker trucks and heavy equipment come and go, a row of office trailers runs the length of the site and an imposing 150-foot drilling rig illuminated by football-field-like lights rises over the trees. It's all been hustled into service to solve a tantalizing riddle: how to tap into the largest oil shale reservoir in the United States. Across the southern San Joaquin Valley, oil exploration sites have popped up in agricultural fields and on government land, driven by the hope that...
  • When will Obama make call on Keystone?

    04/07/2014 1:34:06 PM PDT · by Hojczyk · 23 replies
    The Hill ^ | April 7 | By Laura Barron-Lopez
    Like a blockbuster movie that never quite arrives, President Obama’s decision on the Keystone XL oil pipeline has been “coming soon” for years. He has been weighing whether the project should be built since he first entered the Oval Office, and rationalizations for further delay are thin on the ground. After a February White House meeting between Obama and a number of governors, Oklahoma Gov. Mary Fallin (R) told reporters that Obama had said he expected to make a call “in a couple of months.” But the White House has not even acknowledged that such a suggestion was made, let...
  • Iran, Russia working to seal $20 bln oil-for-goods deal - sources [barter, skip USD)

    04/04/2014 6:58:58 PM PDT · by Lorianne · 4 replies
    Reuters ^ | 02 April 2014 | Jonathan Saul and Parisa Hafezi
    (Reuters) - Iran and Russia have made progress towards an oil-for-goods deal sources said would be worth up to $20 billion, which would enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations told Reuters. In January Reuters reported Moscow and Tehran were discussing a BARTER DEAL that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods. The White House has said such a deal would raise "serious concerns" and would be inconsistent with the nuclear talks between world powers and Iran....
  • Oil Trains Start Rumbling Into California: Expect a Fierce Political Battle

    04/03/2014 8:31:03 AM PDT · by SeekAndFind · 28 replies
    American Thinker ^ | 04/03/2014 | Chriss Street
    Phillips 66, formerly a division of energy giant ConocoPhillips, recently filed a project proposal to bring mile-long crude oil trains from Canada and North Dakota to its refinery in California’s San Luis Obispo County.  If approved, the project would mean up to 250 trains a year will each haul 2 million gallons of crude oil into California and travel on the same tracks used for Amtrak commuter railtrains in the San Francisco Bay Area. With oil fracking increasing America’s domestic production by 60% in the last three years, political delays in building the Keystone XL Pipeline resulted in California having the only...
  • Financial questions seen for US shale gas, tight-oil plays

    04/02/2014 7:14:39 PM PDT · by Lorianne · 5 replies
    Oil & Gas Journal ^ | 25 March 2014 | OGJ editors
    Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the author of a March comment published by the Oxford Institute for Energy Studies (OIES). But a reorientation of the industry toward “the most commercially sustainable areas” of unconventional-resource plays might extend the period of growth, writes the analyst, Ivan Sandrea, an OIES research associate and senior partner of Ernst & Young London. The producing industry has demonstrated it can create opportunities, innovate operationally, and address environmental issues despite evolving government policies and questions of public acceptance, Sandrea writes....
  • Report: Condensate could be first crack in oil export ban

    04/02/2014 11:31:58 AM PDT · by thackney · 31 replies
    Fuel Fix ^ | April 2, 2014 | Jennifer A. Dlouhy
    A simple tweak by the Commerce Department would allow the U.S. to begin selling ultralight fossil fuels overseas, a significant first step in easing the 39-year-old ban on crude exports, a new report says. The analysis released by Sen. Lisa Murkowski, R-Alaska, focuses on condensate, a natural gas liquid made up of light fuels such as propane and butane. The fuels generally flow as liquids at normal temperatures even if they’re gas underground. Though it is chemically different than crude, condensate is swept under the oil export ban — at least as long as the light hydrocarbon is coming out...
  • Texas producing 36 percent of US crude

    04/02/2014 6:55:02 AM PDT · by thackney · 23 replies
    Fuel Fix ^ | April 1, 2014 | Ryan Holeywell
    Texas is producing about 36 percent of the country’s crude oil — three times more than any other state, according to the latest monthly figures from the U.S. Energy Information Administration. Texas pumped nearly 2.9 million barrels of crude daily of the 7.9 million barrels produced nationwide in January, the latest month for which figures are available. The Gulf of Mexico produced about 17 percent, the second-largest portion, followed by North Dakota with about 12 percent of the U.S. crude. California and Alaska rounded out the top five crude-producing areas, each home to about 7 percent of the nation’s oil....
  • Study: Gasoline prices will fall if US exports crude

    04/01/2014 5:08:21 AM PDT · by thackney · 44 replies
    Fuel Fix ^ | March 31, 2014 | Jennifer A. Dlouhy
    The oil industry’s leading trade group on Monday cast exports of U.S. crude as an economic win for consumers, fighting against criticism that selling the fossil fuel overseas would mean higher prices at home. The American Petroleum Institute commissioned a study by ICF International and EnSys Energy predicting lower gasoline prices, domestic job growth and other economic benefits if the United States lifts its 39-year-old ban on exporting U.S. crude. “Consumers are among the first to benefit from free trade, and crude oil is no exception,” said API Vice President Kyle Isakower told reporters in a conference call Monday. “Gasoline...
  • Five states and the Gulf of Mexico produce more than 80% of U.S. crude oil

    03/31/2014 12:40:35 PM PDT · by thackney · 9 replies
    Energy Information Administration ^ | MARCH 31, 2014 | Energy Information Administration
    Five states and the Gulf of Mexico supplied more than 80%, or 6 million barrels per day, of the crude oil (including lease condensate) produced in the United States in 2013. Texas alone provided almost 35%, according to preliminary 2013 data released in EIA's March Petroleum Supply Monthly. The second-largest state producer was North Dakota with 12% of U.S. crude oil production, followed by California and Alaska at close to 7% each and Oklahoma at 4%. The federal offshore Gulf of Mexico produced 17%. Total U.S. crude oil production grew 15% in 2013 to 7.4 million barrels per day. Texas...
  • Here Comes $75 Oil

    03/31/2014 12:25:50 PM PDT · by thackney · 62 replies
    Barron's ^ | MARCH 29, 2014 | GENE EPSTEIN
    The long-term outlook for global oil prices is lower, perhaps much lower, giving a strong boost to the U.S. economy while potentially crippling the economy of Vladimir Putin's Russia. Vast new discoveries of oil and natural gas in the U.S. and around the globe could drive the oil price to as low as $75 a barrel over the next five years from a current $100. The demand side, too, will put pressure on the supremacy of petroleum. For the first time in its 150-year history, the internal combustion engine can be run efficiently on alternative fuels from a number of...
  • Sage Grouse Rebellion

    03/30/2014 10:38:30 AM PDT · by george76 · 42 replies
    wsj ^ | March 11, 2014
    Will Obama use two small birds to limit oil drilling in the West? Almost half the land west of the Mississippi belongs to the federal government, including 48% of California, 62% of Idaho and 81% of Nevada. No surprise that the Obama Administration wants to control more. But the result could be to suppress the country's booming oil and gas development. In partnership with green activists, the Department of Interior may attempt one of the largest federal land grabs in modern times, using a familiar vehicle—the Endangered Species Act (ESA). A record 757 new species could be added to the...
  • Libya poised to retake oil ports from rebels in move that could split country

    03/29/2014 8:21:25 PM PDT · by Pan_Yan · 13 replies
    The Guardian ^ | Friday 28 March 2014 13.47 EDT | Chris Stephen in Tripoli
    Libyan government forces are poised to attack rebels blockading key oil ports this weekend in an offensive that risks splitting the country apart. A deadline for rebels in the eastern province of Cyrenaica to hand over the ports, blockaded since last summer, has passed with the opposition still in control and vowing to form a breakaway state if attacked. Rebel militias are dug in along Red Wadi, a valley preventing access along Libya's coastal highway to three blockaded ports. "The deadline is already over," said Osama Buera, a spokesman for the rebel Cyrenaica Political Bureau. "The central authorities in Tripoli...
  • China is now the world’s largest net importer of petroleum and other liquid fuels

    03/29/2014 5:42:17 PM PDT · by thackney · 15 replies
    Energy Information Administration ^ | MARCH 24, 2014 | Energy Information Administration
    In September 2013, China's net imports of petroleum and other liquids exceeded those of the United States on a monthly basis, making it the largest net importer of crude oil and other liquids in the world. The rise in China's net imports of petroleum and other liquids is driven by steady economic growth, with rapidly rising Chinese petroleum demand outpacing production growth. U.S. total annual petroleum and other liquids production is expected to rise 31% between 2011 and 2014 to 13.3 million barrels per day, primarily from tight oil plays. In the meantime, Chinese production will increase at a much...
  • Ukraine Shocks Population With Staggered 100% Heating Price Increase While Restricting Cash Use

    03/28/2014 4:34:02 PM PDT · by dynachrome · 19 replies
    Zero Hedge ^ | 3-28-14 | Yatsenyuk
    Yatsenyuk addressed the nation in a TV appearance: •*UKRAINE TO RAISE GAS, HEATING PRICES GRADUALLY, PREMIER SAYS •*UKRAINE TO RAISE HEATING PRICES 40% THIS YEAR, 40% NEXT YEAR •*UKRAINE TO RAISE HEATING PRICES 20% IN 2016 AND 20% IN 2017 So a 182% increase by 2017 •*YATSENYUK SAYS PRICE INCREASE WILL BRING IT TO MARKET LEVELS •*UKRAINE HOUSEHOLDS PAY $84 PER 1,000 CUBIC METERS GAS:YATSENYUK •*IMPORTED RUSSIAN GAS WILL BE ABOUT $500: YATSENYUK •*HOUSEHOLD RATE INCREASE IS `ONLY RIGHT DECISION:' YATSENYUK And then, via The Ukraine Central Bank, they implement tougher capital controls: •*UKRAINE CENTRAL BANK SETS LIMITS ON FOREIGN...
  • Obama Meets With Saudi King, Weighs New Syria Aid

    03/28/2014 2:29:01 PM PDT · by Jim Robinson · 26 replies
    ABC News/AP ^ | March 28, 2014 | By JULIE PACE and JIM KUHNHENN Associated Press
    President Barack Obama is considering allowing shipments of new air defense systems to the Syrian opposition, a U.S. official said Friday, as Obama sought to reassure Saudi Arabia's king that the U.S. is not taking too soft a stance in Syria and other Mideast conflicts. A key U.S. ally, Saudi Arabia would be likely to cheer a decision by Obama to allow the portable missile launchers into Syria. Saudi officials were dismayed when Obama scrapped plans last year to launch a strike against Syrian President Bashar Assad, and they have been pressing the White House on the issue. The Saudis...
  • White House eyes new regulations to cut methane from oil, gas sector (In REGS Ve TRvst)

    03/28/2014 9:23:33 AM PDT · by NormsRevenge · 25 replies
    Yahoo! News ^ | 3/28/14 | Roberta Rampton and Timothy Gardner - Reuters
    WASHINGTON (Reuters) - The White House said on Friday it will take a hard look at whether new regulations are needed to cut emissions of methane from the oil and gas industry, part of President Barack Obama's plan to address climate change. Regulators will start by proposing new rules later this year to reduce venting and flaring from oil and gas wells on public lands, one way to begin slashing emissions of the potent greenhouse gas, said Dan Utech, Obama's top energy and climate aide. Most oil and gas production takes place on privately owned land. The Environmental Protection Agency...
  • U.S. now producing more than 10 percent of the world’s crude oil

    03/28/2014 10:27:30 AM PDT · by Hojczyk · 31 replies
    Hot Air ^ | March 28,2014 | ERIKA JOHNSEN
    Currently, the United States and Canada are the only major producers of tight oil in the world (although Russia has lately been making moves to try and get in on the action, ahem), and that spectacular acceleration of production growth now has us sitting pretty at 10 percent of the world’s total crude oil production. Via the Energy Information Administration: U.S. tight oil production averaged 3.22 million barrels per day (MMbbl/d) in the fourth quarter of 2013, In February 2014, 63% of U.S. tight oil production came from two basins: the Eagle Ford in South Texas (1.21 MMbbl/d, or 36%...
  • Oil giant cutting jobs in Kern County

    03/28/2014 6:50:23 AM PDT · by umgud · 26 replies
    Kern Golden Empire ^ | 3/28/14 | staff
    BAKERSFIELD, CA -- As far as jobs are concerned, it could be the first tangible fallout from legislation to beef up oilfield fracking regulations in California. Baker Hughes Incorporated announced Thursday afternoon it will release or redeploy 110 workers in its western region due to what it called "declining market needs." Rick Pierruci, the company's managing director for the western region says the reduction in force is largely due to the recent passing of California Senate Bill 4, which further regulates hydraulic fracturing operations, causing a slow-down of related activity for the oil and gas industry. Bottom line, the oil...
  • Barge firm faces long legal haul{Houston Ship Channel spill}

    03/27/2014 9:52:35 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | March 27, 2014 | Ryan Holeywell
    Resolving legal issues that arise from Saturday’s fuel spill in Galveston Bay likely will require years of litigation and cost tens of millions of dollars. “You usually don’t talk about environmental cleanups in the millions of dollars range. It’s in the tens of millions of dollars range,” said Noah Hall, who focuses on environmental and water law as an associate professor at Wayne State University in Detroit. “You dump something in the water, and boy is it hard to get back.” Houston-based Kirby Corp., which owned and operated the barge that spilled 168,000 gallons of fuel after a collision Saturday,...
  • Exxon Mobil refinery receiving crude shipments again after channel closure

    03/27/2014 4:57:31 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | March 26, 2014 | Collin Eaton
    Exxon Mobil Corp. said Wednesday its major refinery in Baytown now can increase output of refined fuels again after closure of the Houston Ship Channel blocked waterborne oil supplies for three days. “We can confirm that we are receiving crude shipments and will be adjusting rates accordingly,” Todd Spitler, a spokesman for Exxon Mobil, said in an emailed statement. Spitler said the Irving oil and gas company does not disclose specifics about its production levels. Exxon Mobil’s refining complex in Baytown is the second-largest of its kind in the U.S. with a daily capacity of 586,000 barrels. “We expect to...
  • US now pumping 10 percent of the world’s crude

    03/27/2014 4:55:56 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | March 26, 2014 | Emily Pickrell
    Boosted by the galloping pace of tight oil operations, the United States produced a tenth of the world’s oil at the end of last year, the Energy Information Administration reports. Overall U.S. oil production averaged 7.84 million barrels a day in the fourth quarter of 2013, 10 percent of the world production, up from 9 percent at the end of 2012. Shale and other dense rock, newly accessible because of advancements in hydraulic fracturing and horizontal drilling, accounted for 3.22 million barrels of the U.S. daily average during the three months ending Dec. 31. The shale boom has given the...
  • Obama says Russia's energy sector could be target of new sanctions

    03/26/2014 2:40:58 PM PDT · by Jim Robinson · 19 replies
    FOX News ^ | March 26, 2014
    President Obama threatened a new round of sanctions against Russia on Wednesday, this time aimed at the country’s energy sector. Obama, speaking at a news conference at the Council of the European Union, said the crisis in Ukraine underscored Europe’s need to become less dependent on Russia’s rich energy sources. He also acknowledged that additional sanctions could affect Russia’s neighboring countries but said the United States was committed to helping those nations find energy alternatives. Obama said coordination between the U.S. and Europe on economic sanctions against Russia has been excellent and warned that if Russia continues on its current...
  • Crude oil inventories at Cushing down 29% over the past seven weeks

    03/26/2014 11:34:07 AM PDT · by thackney · 10 replies
    Energy Information Administration ^ | March 19, 2014 | Energy Information Administration
    Crude oil inventories at Cushing, Oklahoma, the primary crude oil storage location in the United States and the delivery location for the New York Mercantile Exchange (Nymex) West Texas Intermediate (WTI) crude oil futures contract, declined 12 million barrels (29%) over the past seven weeks. On March 14, 2014, Cushing inventories were 30 million barrels, 19 million barrels lower than a year ago and the lowest level since early 2012. The recent drawdown of stocks at Cushing resulted from (1) the startup of TransCanada's Cushing Marketlink pipeline, which is now moving crude from Cushing to the U.S. Gulf Coast; (2)...
  • Big Oil Firms Crack The Whip Over Service Companies

    03/26/2014 10:20:27 AM PDT · by thackney · 10 replies
    Reuters via Rig Zone ^ | March 26, 2014 | Gwladys Fouche & Balazs Koranyi|
    Some now ask service firms to come into projects at the start, ditch some tailor-made designs in favour of standardised solutions and stay with projects longer to reduce the number of contractors involved, moves that reduce costs but favour bigger, integrated firms. Oil service shares have suffered over the past year, with European firms hit the most. Analysts at UBS estimate they trade at 14 percent discount to their 5-year average with a further downside risk as investors adjust to a lower growth scenario. "It is evident that the problem is not the services making supernormal returns but rather, given...
  • Norway Giant N.Sea Oil Project Could Face Delay Over Power Plan

    03/26/2014 10:08:35 AM PDT · by thackney · 4 replies
    Rig Zone ^ | March 26, 2014 | Reuters
    Development of the Johan Sverdrup oilfield in the North Sea may be delayed by a year and cost more than planned if Norway's parliament insists on having it be powered from shore, the Dagens Naeringsliv daily newspaper reported on Wednesday. The biggest North Sea field find in decades, it has reserves of up to 2.9 billion barrels of oil equivalent and is expected to start production in 2019 at an initial cost estimated at 100 billion to 120 billion crowns ($16.4 billion-$19.7 billion). Statoil has committed to power the first phase from shore, a move in line with the government's...
  • Wyo spent $7.9 million on sage grouse conservation, Barrasso on LNG exports and more

    03/26/2014 8:24:54 AM PDT · by george76 · 10 replies
    Star-Tribune ^ | March 26, 2014 | BENJAMIN STORROW
    Wyoming has spent $7.9 million on sage grouse conservation since 2005. That was the finding of a new report by the Western Governors Association, which inventoried the efforts of 11 western states to protect the bird and its habitat. The report comes in advance of an expected 2015 ruling by the U.S. Fish and Wildlife Service over whether to add the species to the endangered species list. The sage grouse's listing could curtail energy development throughout the West. ... Utah, by comparison, spent $8.8 million on improvements to sage grouse habitat in 2013 alone.